Portfolio Management Professional (PfMP)®
PMI's Portfolio Management Professional (PfMP)® credential recognizes the advanced experience and skill of portfolio managers. The PfMP® demonstrates your proven ability in the coordinated management of one or more portfolios to achieve organizational objectives.PfMP credential holders are responsible for the execution of the portfolio management process, communication around portfolio progress, and recommendations for action. Where project and program managers are responsible for "doing work right," this is an ideal credential if you are responsible for ensuring your organization is "doing the right work." The broad framework of the course is based on the contents of the Standard for Portfolio Management (Fourth Edition), along with the guidance on Examination Content Outline (ECO), published by the Project Management Institute (PMI), USA. The target audience for the workshop includes senior Program and Portfolio Managers, PMO heads and other Senior Managers/ Consultants who would like to have an understanding of how portfolios are planned, implemented and retuned in line with organizational strategy. An experience of running business functions with the application of portfolios is highly desirable. The learning objectives include:
- To understand what are portfolios and what is portfolio management
- To appreciate the interactions between portfolio management, program/ project management and the organizational strategy
- To design and balance the portfolio
- To manage the portfolio component interrelationships
- To appreciate the role of the Portfolio Manager in managing the portfolios
- To understand the role of PMO in effective portfolio management
- To understand the transformational flow process in portfolio management
- Senior executives and governance boards who make decisions regarding organizational strategy; Management staff responsible for developing organizational strategy or those making recommendations to senior executives;
- Portfolio, program, and project management practitioners, particularly portfolio managers;
- Researchers analyzing portfolio management;
- Members of a portfolio, program, or project management office;
- Consultants and other specialists in portfolio, program, or project management and related disciplines;
- Business and technical professionals such as auditors, trainers, engineers, and others who are increasingly asked to manage a portfolio of programs, projects, and operational activities;
- Operations managers, organization unit managers, civil engineers, construction managers and constructors of large/mega projects, and process owners who have financial, human, marketing, material resources, or supply chain considerations in a portfolio;
- Portfolio, program, project, and operational team members, customers, and other related stakeholders;
- Strategy planners and executives in organizations;
- Educators teaching portfolio management and related subjects; and
- Students of portfolio management and related fields.
This standard provides a foundational reference for anyone interested in managing or assessing a portfolio of programs, projects, and related operations. This includes, but is not limited to:
Benefits of PfMP Certification
Obtaining the PfMP (Portfolio Management Professional) certification offers several benefits to professionals involved in portfolio management. Here are some key advantages of earning the PfMP certification:
Advanced Portfolio Management Skills: The PfMP certification validates your advanced knowledge and expertise in portfolio management. It demonstrates your ability to align portfolios with organizational strategy, make informed investment decisions, and effectively manage complex portfolios. It equips you with a comprehensive understanding of portfolio management principles, practices, and governance.
Professional Credibility and Recognition: PfMP is a globally recognized certification that establishes your professional credibility as a portfolio manager. It demonstrates your commitment to the portfolio management discipline and validates your skills and knowledge. Employers and clients often prioritize certified professionals, giving you a competitive advantage in the job market.
Career Advancement Opportunities: The PfMP certification opens up new career opportunities in portfolio management. It qualifies you for senior-level positions such as Portfolio Manager, Senior Project Manager, or Portfolio Director. These roles involve strategic decision-making, resource optimization, risk management, and value delivery across multiple projects and programs. The certification can accelerate your career growth and increase your earning potential.
Expanded Marketability: Portfolio management is critical across various industries, including IT, finance, healthcare, construction, and government sectors. The PfMP certification enhances your marketability and enables you to pursue portfolio management roles in diverse industries. It demonstrates your ability to prioritize investments, maximize returns, and align portfolios with organizational objectives.
Networking and Professional Development: Becoming a PfMP certified professional provides access to a global community of portfolio management practitioners. You can connect with like-minded professionals, participate in industry events, join professional groups, and engage in knowledge-sharing activities. This networking opportunity allows you to learn from others, exchange best practices, and stay updated with the latest trends in portfolio management.
Continuous Learning and Growth: Maintaining the PfMP certification requires earning professional development units (PDUs) through ongoing learning and development activities. This ensures that you stay current with evolving portfolio management practices, emerging methodologies, and industry advancements. The certification encourages continuous learning, enabling you to grow as a portfolio management professional.
Improved Organizational Performance: PfMP certified professionals possess the skills and knowledge to effectively manage portfolios, optimize resource allocation, and drive strategic value. They are equipped to identify and select the right projects and programs, monitor portfolio performance, and align investments with organizational objectives. By earning the PfMP certification, you contribute to improved organizational performance, increased return on investments, and enhanced stakeholder satisfaction.
It's important to note that the benefits of PfMP certification can vary depending on individual career goals, experience, and the specific needs of organizations. However, overall, the certification provides a valuable credential for portfolio management professionals and offers numerous advantages in the field of portfolio management.
PfMP Exam Content Online
The six portfolio management performance domains represent the collection of good practices. The following provides a brief description of each portfolio management performance domain, including the portfolio life cycle.
These are further elaborated in subsequent sections of this standard
- Portfolio Life Cycle . Portfolios are a major investment of organizational resources and, like programs and projects, portfolios go through a life cycle that includes initiation, planning, execution, and optimization. The diligent management of the life cycle by balancing stability with adaptability is crucial for managing activity in today's constantly changing environment.
- Portfolio Strategic Management . Each portfolio component should be aligned to one or more strategic objectives, and the positive impact should be constantly monitored. This is what is meant by the term including a component in the portfolio should describe how it supports the attainment of intended business value the strategic objectives and how important each component is in relation to those objectives. Any proposal for including a component in the portfolio should describe how it supports the attainment of intended business value.
Portfolio Governance . Through open and transparent governance, including processes for categorizing, prioritizing, selecting, and approving portfolio components, key stakeholders are more likely to accept the decisions and agree with the process, even when they may not fully endorse the decisions made.
Portfolio Capacity and Capability Management . The selection of portfolio components and the roadmap for their implementation is balanced against the organization's current capacity and capability with the potential of bringing in additional resources. The portfolio view allows for future planning to develop capacity and capabilities as required. This is particularly important when resourcing and balancing program and project components against operational components
Portfolio Stakeholder Engagement . Key portfolio stakeholders require active expectation management. By staying aligned and connected, portfolios improve the probability of delivering value. Active communication is a primary vehicle through which the exchange of information, improved transparency, and stakeholder buy-in are all achieved.
Portfolio Value Management . Portfolio Value Management enables investment in a portfolio to yield the expected return as defined by the organizational strategy. Value contribution and sustainment need to be monitored throughout the component execution as well as after component closure
Portfolio Risk Management . Portfolio Risk Management evaluates risks (positive/opportunities,negative/threats) at the portfolio level and considers how those risks may impact the achievement of the portfolio strategic plan and objectives. This requires consistent monitoring for uncertainty, within both the internal and external environment of the portfolio
Portfolio Management Professional (PfMP)®
- All applicants must possess a minimum of eight years of professional business experience AND
- Secondary degree (high school diploma, associate's degree or the global equivalent)
- 10,500 hours of portfolio management experience
- Four-year degree (bachelor's degree or the global equivalent)
- 6,000 hours of portfolio management experience
PfMP Exam Format
- Before appearing the exam a candidate has to clear application panel review.
- After clearing the panel review candidate can appear in the exam. The PfMP certification exam is a four hour exam consisting of 170 Questions.
- To maintain your PfMP, you must earn 60 professional development units (PDUs) in portfolio management topics every three years.